By Ketki Saxena
Investing.com -- After a positive US CPI surprise led a rally in North American equities at the tail end of last week, this morning the TSX tracked Wall Street in the red.
Equities were in the red as hopes for a Fed pivot were tempered by remarks from Federal Reserve Governor Christopher Waller, a voting member of the rate-setting committee this year, who noted the Central Bank’s stance is “not softening” just yet.
The commodity heavy Canadian index was also pressured falling crude prices following news of a fresh Covid-19 wave in China, and as OPEC+ cut its demand outlook for 2023.
The Biggest Stories on Bay Street
Shawcor Ltd. reported a Q3 profit of $23 million or 33 cents per diluted share, compared with a loss of $8.3 million or 12 cents per share in the same quarter last year. Revenue totalled $335.0 million, up from $291.4 million in the third quarter of 2021. The energy and infrastructure company’s chief executive said that strong execution resulted in robust sequential and year-over-year growth in revenue, gross profit, operating cash flow and backlog.
Turquoise Hill Resources Ltd. (TSX:TRQ) on Monday reported net income of US$46.6 million in its third quarter, or a profit of 23 cents per share, compared to. Revenue was at US$391.1 million in the period. The company also said that it's planned $4.2 billion sale to majority shareholder Rio Tinto (LON:RIO) doesn't proceed, it will focus on prioritizing liquidity concerns.
Canadian Stocks Moving Markets This Morning
Top Gainers:
- Dye&Durham
- Tourmaline Oil
- Peyto Exploration
Biggest Losers:
- Algonquin Power
- K92 Mining
- Filo Mining
In Canadian Economics
At a conference on diversity, equity and inclusion, Bank of Canada governor Tiff Macklem said that low-income Canadians will be hardest and most disproportionately hit by inflation and the economic slowdown. Mr. Macklem noted that while there is "no easy way" to restore price stability, raising interest rates will lead to a better outcome for all Canadians.